(Yicai) Sept. 3 -- Listed Chinese automakers are still struggling to grow their earnings despite rising global sales, with only BYD reporting a net profit of more than CNY10 billion (USD1.4 billion) for the first half, while the majority posted much smaller figures, lower profits, or losses.

Each of the top three by earnings -- BYD, Geely Automobile Holdings, and Great Wall Motor -- are non-state-owned firms. Their combined profit reached CNY31.1 billion (USD4.35 billion) in the six months ended June 30, accounting for nearly 80 percent of the total for the 17 carmakers listed in the Chinese mainland and Hong Kong. BYD's CNY15.5 billion made up almost 40 percent alone, as profits increasingly concentrate among the leading players.

Seven of the 17 firms reported profit declines, including industry leaders Changan Automobile, Geely Auto, Great Wall Motor, and SAIC Motor. The others -- such as GAC Group and BAIC Group's electric vehicle unit BAIC BJEV along with new energy vehicle startups Xpeng Motors and Nio -- lost nearly CNY19 billion, CNY12 billion of which was Nio’s.

In the first seven months of the year, auto industry profits rose just 0.9 percent year on year to CNY273.7 billion (USD38.3 billion), according to data from the China Passenger Car Association. Profit margin fell to 4.6 percent, the second-lowest ever, from 4.8 percent in the first six months and 4.3 percent a year ago.

Against the backdrop of intensifying competition in China, profits sank 17 percent year on year to CNY29.3 billion in July, with profit margin down to a low of 3.5 percent from 6.9 percent in June and 4.4 percent a year earlier, the CPCA data also showed.

A a result of cutthroat competition at home, Chinese carmakers have been actively expanding overseas in recent years, which has contributed to their growing global presence and popularity among overseas buyers.

China's auto exports climbed over 10 percent to 3.08 million units in the first half from a year earlier, with NEV shipments surging 75 percent to 1.06 million, according to figures from the China Association of Automobile Manufacturers.

Chery Automobile exported the most in the period, shipping 544,900 units, down 3.5 percent year on year, followed by BYD with 443,100, a 118 percent jump. SAIC Motor ranked third after its shipments fell 4.1 percent to 242,600, while Geely , Great Wall, Changan Auto, and SAIC-GM-Wuling placed fourth to seventh.

BYD and Geely surpassed Honda Motor and Nissan Motor for worldwide sales for the first time, mainly thanks to surging NEV sales and the impact of US tariffs on Japanese carmakers.

BYD's global sales reached 2.14 million in the six months, lifting the firm to seventh spot from eighth last year, while Geely climbed to eighth from 10th, with 1.93 million units sold. Their sales soared 33 percent and 29 percent, respectively, from a year earlier, making them the only two carmakers in the top 10 to post growth in excess of 10 percent.

Toyota's first-half profit was still nearly double that of China's 17 listed carmakers despite slumping more than 30 percent to JPY1.5 trillion (USD10.1 billion) from a year earlier.

Editors: Tang Shihua, Futura Costaglione